question 1 : I, Dr. Livingstone, promise to pay Arizona Living Robotics Inc., $2,900, 90 days from the date, at 14 percent interest. Dr. Livingstonea) Who is the maker of the note? b) Who is the payee of the note? c) What is the maturity date of the note? d) What is the maturity value of the note?
Question 2 : In order to produce equal adjusted balances for Texas Steel Company, indicate whether each of items 1–8 below should be:a. Added to the bank statement balance b. Deducted from the bank statement balance c. Added to the depositor’s balance d. Deducted from the depositor’s balancee. Exempted from the bank reconciliation statement 1. Statement includes a credit memo, representing the collection of the proceeds of a note left at the bank. 2. A credit memo representing the proceeds of a loan made to Texas Steel Company by the bank. 3. Deposits in transit. 4. Seven outstanding checks were not recorded on the statement.5. A customer’s check that Texas Steel Company had deposited was returned with “nonsufficient funds” stamped across the face. 6. The bank erroneously charged someone else’s check against Texas Steel Company’s account. 7. Texas Steel Company was credited on the bank statement with the receipt from another depositor. 8. A $96 check was erroneously recorded in Texas Steel Company’s check stubs as
Question 3 :Equipment costing $9,600, with an estimated scrap value of $1,600, was bought on July 1, 2020. The equipment is to be depreciated by the straight-line method for a period of 10 years. The company’s fiscal year is January through December. Show the journal entry to record the equipment’s cost on the balance sheet for December 2020.
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